Tension remains high on Hyliion (NYSE:HYLN) stock. The fact that the last trading days in November in particular will be decisive for a possible year-end rally can also be seen from the current chart.
Success or a failure?
In terms of charts, Hyliion stock is still in a highly competitive zone. The price is trading near a resistance area of $30. Despite two attempts in the past few days, shares were unable to overcome this again. The course had also failed to bounce back a month earlier due to the aforementioned resistance. Nevertheless, this is of great importance for the further trading. This week the stock briefly broke $25.00 resistance and headed towards the $30 mark. However, in order for the upward movement to continue, the share must sustainably overcome this hurdle.
Nonetheless, November looks good so far for Hyliion stock. Since the beginning of the month, the price has risen by a remarkable 40 percent. To the delight of investors, the share is finally stabilized.
There’s nothing wrong with value investing in clean energy stocks, because there is value in clean energy. There are good buys to be had in the period ahead of us and Hyliion might just be one of the low-hanging stocks.
I believe during the Q4 2020 and first quarter in 2021, Hyliion will suffer from both weak corporate demands and end of the year slowdown. HYLN may prove to be an attractive investment opportunity in the second half of the 2021. But it looks like it’s going to take getting past the first quarter, maybe even the first half of the year to see some results.
Of course, future projections are what pushes the imagination of investors. And if we get another market-wide EV rally, this time HYLN might join the rally from the sidelines.